Aussie expats flock home

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Expatriate Australians caught up in the global financial crisis are returning home in droves to take advantage of the attractive currency exchange and cooling interest rates, according to one independent mortgage broker.

Executive expats are increasingly making home loan enquiries, said Jennifer Nielsen, chief executive of Loan Market Group, which includes X Inc Finance.

"There is strong interest from expatriate Australians, many of them banking and finance professionals, who are looking to return home to escape the credit crunch in places like London and Singapore," Nielsen said.

"We now have three in-house brokers dedicated to servicing enquiries from expats, on top of our normal enquiries."

Interest from Australians living abroad is expected to increase, she added, following the recent reduction in mortgage rates and the Federal Government's $10.4bn economic package.

"The big drop in the Australian dollar is also a huge advantage to returning expats," she explained.

"If they're cashed up in US dollars or UK pounds, they're keen to come into the Australian property market right now and chase a bargain."


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